Apartment list.com recently released its Apartment List National Rent Report. The report showed that average rental prices are increasing at a slower rate in numerous cities across the country.
Nationally, average rents increased by 3.6% for a one-bedroom property and by 2.6% for a two-bedroom property between December 2014 and December last year. This represents a month on month decrease of 0.3% for one-bedroom properties and a decrease of 0.4% for two-bedroom homes.
Properties on the coasts continue to be the most expensive in the country with the Pacific Northwest, California and the Eastern seaboard all making it into the top 10 cities with the highest rents. It comes as no surprise to learn that San Francisco is the most expensive city in the country for a two-bedroom rental property. Rents in the city averaged $4,610 for the month of December and rents have increased by 5.5% during the past year in comparison to an average of 2.6% nationwide.
The nation’s third most expensive city for two-bedroom rental properties is Washington DC with rents averaging $2,800 last December, a decline of 0.9%. Rents in the city have been steadily decreasing for more than a year. Boston is the fourth most expensive city in the United States with the median rental value of a two-bedroom property at $2,650. Rents have declined by 1.3% over the last month but have increased by 0.9% year-on-year. Cities from the interior that were also highly ranked include Chicago, Dallas, Denver, Minneapolis and Austin.
Vancouver, Washington topped the 10 cities with the fastest growing rents and rents in the city increased by 16.7% over the last year. A two bedroom property in Vancouver costs $1,100 to rent. Portland in Oregon was rated fifth in the 10 cities with the fastest growing rents with prices for a two-bedroom home up by 8.9% over the past year, more than three times the national average. A two-bedroom home costs an average of $1,530 to rent in the city. Number 10 on the list was Charlotte, North Carolina with rents growing at 6.5% over the past year. A two-bedroom property in the city costs $1,000 to rent.
Data for the report came from the several hundred thousand listings on the company’s website. Average prices were calculated as being the median for the size and time period and were ranked according to the price for two-bedroom properties. Apartment list.com receives nearly 3 million monthly visits and has several hundred thousand available rental properties listed on the site.